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About Me

Since the 1990s I have been very involved with fighting the military "don't ask don't tell" policy for gays in the military, and with First Amendment issues. Best contact is 571-334-6107 (legitimate calls; messages can be left; if not picked up retry; I don't answer when driving) Three other url's: doaskdotell.com, billboushka.com johnwboushka.com Links to my URLs are provided for legitimate content and user navigation purposes only.
My legal name is "John William Boushka" or "John W. Boushka"; my parents gave me the nickname of "Bill" based on my middle name, and this is how I am generally greeted. This is also the name for my book authorship. On the Web, you can find me as both "Bill Boushka" and "John W. Boushka"; this has been the case since the late 1990s. Sometimes I can be located as "John Boushka" without the "W." That's the identity my parents dealt me in 1943!

Friday, August 22, 2008

DC Appeals Court upholds Sarbanes-Oxley

A federal appeals court (a three-judge panel in the District of Columbia) has upheld the Sarbanes-Oxley Act, particularly a controversial provision that appoints a non-profit “Public Company Accounting Oversight Board” (link) under the Securities and Exchange Commission. The act was controversial because of “separation of powers” concerns. The long name of the Act is the Public Company Reform and Investor Protection Act of 2002, and the acronyms are “SOX” (like the Chicago White Sox uniforms!) and “Sarbox.” The text of the Act from the US Government Printing Office is here.

The Opinion from the DC Circuit is available at this URL. The formal name of the case is “Free Enterprise Fund and Beckstead and Watts, LLP v. Public Company Accounting Oversight Board, et al”

The Washington Post story on Aug. 22 is by David S. Hilzenrath, and has this URL.

The law was passed in large measure because of the "good old boy" schmoozy networks between companies and "big 8" auditors, that expressed ethical conflicts of interest, and that encouraged hiding of abusive accounting practices ("cooking the books") that led to the collapse of Enron and then WorldComm in 2001 and 2002.

In practice, SOX is controversial because it supposedly limits the ability of certain kinds of financial services professionals and agents to earn income outside of their jobs, especially when they receive “training bonuses” from their companies. I was told this by New York Life in 2005, and supposedly the company checked this provision with its compliance office. The concern seems to relate to the possibility that someone could try to function simultaneously both as an “agent” and a “broker”.

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